The only important parts of the report (in my opinion) are the ones dealing with the legal case of the noteholders.

"the holders of the Company's $100 million notes due December, 2011, agreed to have its derivative action dismissed with prejudice."

the first part I see as good news - the other part is one which I do not understand - "Application to the court also included an oppression claim, which has been held in abeyance until the end of July, 2009"

I do not understand what this "Oppression" refers to but I see it being held in Abeyance till the End of july as being a good thing.

By the end of July I believe we will either have the permit and this action will disappear as it will not be relevant anymore, or the Board will have initiated the Arbitration proceedings and it will be clear we are in for a fight unless we get an acceptable settlement offer from Venezuela.

My personal belief (and hope) is that we will have the permit by then but of course one never knows.